Opportunity to Cash Flow Upon Purchase
Rowan Multifamily Advisors is pleased to exclusively present the Northwood Apartments in Fort Worth, TX. Northwood sits on 5.30 acres and consists of 100, one, two and three-bedroom units with an average square footage of 970 square feet per unit. The property is made up of six residential buildings, and one leasing office/laundry facility. The property is located 5 miles North of Downtown Fort Worth allowing residents easy access to the city and surrounding suburbs.
This offering will provide a new investor with a strong cash flowing asset and room for upside in an historically strong submarket.
Northwood has a long history of very high and stable occupancy. The property manager has lived on-site for the last 15 years. Rental increases have been significant in the last 18 months with lease-turns at over 20%. The new rent schedule is in place and several leases have been made at current market rents with plenty of upside remaining as the loss to lease goes down every month. The heaving lifting on this property has been done with all the recent Capital improvements; leaving plenty of room for the new owner to enjoy the upside from the turnover of current rents to market rents.